EXCLUSIVE: CEOs Highlight AI, Customer Service As Key Components And Building A Stronger Cannabis Ecosystem

The cannabis industry has been facing numerous challenges, from regulatory hurdles to economic instability, making collaboration a key factor in achieving success and efficiency. During the recent Benzinga Cannabis Capital Conference, industry experts shared their insights on how companies can collaborate with strategic partners and technologies to overcome these challenges and navigate the tumultuous markets.

Embrace AI

Würk CEO Scott Kenyon emphasized the importance of strategic partnerships in the cannabis industry, particularly in addressing the issue of payroll and banking services. Paychex, one of the biggest payroll providers in the cannabis industry, pulled out leaving companies with no option to turn in a short period of time.

Kenyon's company stepped in to help clients, utilizing their five banking relations to ensure that everyone gets paid. Additionally, Würk launched a facial recognition system for manufacturers and cultivation facilities to save time and costs in manual processes. Kenyon also stressed the potential of AI in streamlining HR processes and saving costs, urging businesses to embrace it.

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POSaBIT CRO Julie Solomon highlighted the importance of customer service and optimizing platforms to deliver better quality and service. Solomon also emphasized the significance of partnerships, urging companies to ensure that they are on the same page in terms of customer service. POSaBIT offers its platform to retail clients to help them serve their customers better and close books quickly.

Joint Forces For Success

Global Cannabis Production CEO David Luftglass emphasized the importance of building a cohesive ecosystem and diversifying the approach. Building an entire vertical supply chain in the cannabis industry will not work anymore, Luftglass says. It is necessary to bring in experts from other industries to collaborate and set standards.

Luftglass noted GCP is operating a campus in Uruguay where companies can connect and innovate. Furthermore, he emphasized the importance of looking at the deeper story of companies beyond EBITDA and finding former employees who can provide valuable insights.

Arnaud Dumas de Rauly, CEO and chair of ISO Standards at The Blinc Group, stressed the importance of building an ecosystem that works with everyone else, especially in addressing the industry's biggest problem of cash. He also urged companies to pay attention to solutions in other industries and adapt them to the cannabis industry.

Vision and will are important, but it is necessary to plan ahead and prevent conflicts, Dumas de Rauly explained, citing the importance of documenting and finding the right tools and SOPs to make companies more efficient.

While the industry is still in its early stages, it is vital for companies to collaborate and address these challenges together. Strategic partnerships, AI integration, customer service optimization, diversification, and the building of a cohesive ecosystem are all critical factors in achieving success and efficiency in the cannabis industry.

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Imagen de Alexa en Pixabay.